Elon Musk sold nearly $4 billion of carmaker Tesla between Friday and Tuesday, as he is expected to finance his $44 billion takeover of Twitter a week ago. The three deals involve a total of more than 19 million shares, or 4% of the total number of shares owned by Elon Musk and 0.6% of the total number of shares outstanding, according to US stock market filings. police officer (SEC).
This isn’t the first move of its kind by a Tesla chief over his takeover of Twitter, as Elon Musk has already sold $15.5 billion in shares. This sale of securities will allow it to partially finance the takeover of the microblogging platform, which is being done with $27 billion in cash, while a significant part of the balance will be financed by loans provided by Twitter, which will provide financial burden and compensation.
The three rounds of selling weighed on the share price, which rose over three sessions from $222.50 at Friday’s open to $191.30 at Tuesday’s close, a 14% decline. On Twitter, several small Tesla owners were worried about these repeated stock sales and their effects on the stock price, as well as Elon Musk’s too much attention on Twitter to the detriment of the auto group. “I continue to do a lot of work for Tesla. I was in our engineering office in Palo Alto, California, editor’s note until late Thursday evening.“Elon Musk answered in his Twitter microblog.
Criticism after Twitter takeover
The billionaire took control of the social network on October 28, while ending a long legal battle with the group’s board of directors early, announcing the purchase of Twitter for $44 billion. up. After the operation ended, Elon Musk fired all managers, as well as 50% of the group’s employees, and announced the launch of a completely redesigned Twitter Blue subscription offer, which allows you to receive certification and various privileges for $8. one month
The goal is to diversify its income, while the platform is 90% dependent on advertising and loses, according to Elon Musk, 4 million dollars a day. A financial situation that has worsened since several major advertisers stopped spending on Twitter.
Critics have come from all over since the Twitter takeover, including the United Nations, which Elon Musk called on to protect human rights on the social network. MEPs voiced their concern on Tuesday, calling for Elon Musk to listen to the European Parliament to “learn more about his intentionsand remind him of his obligations.
Source: Le Figaro
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.